Cheers kalle

Karl Bruhner jj

Look up on KZfaq Gene kim Robert breaker Chuck Missler

Blockchain Business thank you!!

what is the difference, just curious?

I'm about to Google the diff but thanks for the lead 👍

Who loves the way he teaches?

Hopefully everyone finds value in this information!

Hi Tanya, taxes are paid from the trust on income earned by the trust. If you have real property such as real estate, property taxes would also be paid from the irrevocable trust. If the trust does not have the liquidity to pay the property taxes, those could be gifted from the grantor to the trust to pay those applicable taxes. You second question requires more information. What are you attempting to achieve?

You are not a person , you are a woman , a person is a dead entity , a legal fiction.

If the person dies and doesn't have living spouse but older children..... No living will, trust or beneficiary....What can happen to the assets?

From what I understood, YOU cannot sell the asset. You lose control of the asset once you put it in the irrevocable trust. The trustee manages the assets on behalf of the beneficiary, so i think they can buy/sell/etc.

@@davidmauerer6447 There are always ways to make these changes it just gets expensive.

Land trust or LLC

Wrong. People can also be that. However, they can’t be which. 😐

Look at that dude over there.... look at who dude over there... yeah, nope.

C. Lincoln he’s the man that I saw... OK. He’s the man who I saw.. OK. He’s the man WHICH I saw. NOPE. Next.

Imagine being pedantic enough to make that comment

How long does it take to set up both of them? Irrevocable take a little bit longer as it needs an TIN number so depends on how "on top of it" your attorney and their staff is at creating an environment of quick turnarounds. Revocable is normally faster as it does not require it's own tax identification number (TIN). Can I do either a Irrecocable or Revocable Trust Pro Se? If you're attempting to help your parents qualify for government programs such as Medicaid, I would suggest looking into a Medicaid Asset Protection (MAP) Trust - this is an irrevocable trust. Can I use either of them to avoid or prolong foreclosure? I would need more circumstantial information before I would provide a response.

You should always consult with your tax advisers before utilizing any trust-based strategy. Is the house already in the trust and you're replacing your current trustee with your parents? Are you asking if there is a tax consequence for transferring the deed to the trust? That would depend on how you are getting that asset into the trust. If you're gifting the asset to the trust, you would need to look at your state's estate and gifting exemptions to make that determination. From a federal standpoint, it would depend on how much you have already gifted in the past and how much of your lifetime exemption you have already used. This is normally not an issue for most Americans today due to the high federal lifetime estate exemption currently in place. An irrevocable trust must file a separate tax return as it will have its own tax id number. I realize I asked more questions than provided answers, but there are many variables to your situation that would be necessary information to be known to provide an accurate response.

Mark Law yes

Hi Derrick, there are a number of different scenarios where this can be done with different advantages and disadvantages. If you already have a term insurance policy, gifting the policy to the trust can usually be done with very little gift exemption used because the term policy has almost no value unless you pass away. If you are in good health this gift will be close to zero, if not zero. If you don't have a term policy and looking to set up a trust owned term policy, the best advantage here is cost. The term policy can still be owned by the trust allowing the death benefit to be paid to the trust outside of the estate which could be very useful in mitigating state estate and inheritance taxes depending on what state you live in. Another advantage of this strategy could be utilizing a term policy to lock in your ability to be insured, while you wait for a later event that will bring in cash flow such as an inheritance or possibly stock options from an employer or M&A deal. The disadvantage to the term policy inside of a trust is the same as a term policy personally owned - there is a possibility that you outlive the term of of the policy. The term policy may be able to be renewed annually after the original term has ended, but at much higher premium costs each year. You may also want to utilize a term and permanent life insurance product combination as a laddered strategy allowing the permanent policy's death benefit to grow over time and the term policies expiring to reduce the cost of premium each year.

Trust and Estate Attorney or Elder Law Attorney

John Doe yes absolutely filing the 709 form completes the gift along with the retitling of the asset to the trust.

@@GannonWealthSecurityPartners Perfect. Thanks so much for replying. You have made life easier.

Michelle Regan No, in fact, most times it is better to convert earlier than later for several reasons. If the policy can be converted to a whole life policy, most times that capability expires after your policy reaches a certain age. Also, remember the conversion keeps your health risk the same, so the whole life policy will be more expensive as you grow older. Converting the policy simply means that you can convert it to a whole life policy at the rating you previously qualified for when you purchased your term policy. There are a few nuances to this based on the carrier. If you’d like, you can email jim@gannonwsp.com your policy questions and he can answer them more personally for you regarding the process, your carriers limitations, and sometimes you can receive a credit towards your new premium equal to your last 12 months of payments to your term policy.

You do not have to file a separate return for a revocable trust, a revocable trust does not have an EIN number so all income would pass through to you.

That's a loaded question, but a good one! Actually, it's a question we get often from my our clients. The quick answer is it depends. It depends on what type of trust you have, who is the grantor, who is the beneficiary, what was the purpose of the trust? Assuming it is an irrevocable trust, (Revocable Trust - this isn't an issue), there are things you need to know and how you do it is the most important thing you need to know. If you'd like a more detailed answer, please email Jim, the individual in this video, Jim@GannonWSP.com and he'd be happy to help you understand what you can do and how you can do it. Good Luck and thank you for your comment!

Hi Dan, you would apply for the term policy just as you would as if you applied for a personal policy, however, you would list the owner as the trust. In terms of converting the policy, each insurance carrier has different rules and times for each product on when and how it can be converted. The conversion of a term policy refers to the ability to change the term policy into a permanent policy such as a guaranteed universal life or whole life product. The conversion allows your term policy to become a permanent policy which allows it to be paid no matter when you die rather than the possibility that you outlive the policy and the death benefit is never paid.

Zota X There are good and less than good people in every industry. It is important to find an advisor that you feel comfortable with and understands what you’re trying to accomplish by creating that trust. We get a large number of calls from our KZfaq viewers and many times they’re really not sure what could be accomplished by the creation of the trust. If you have any questions, we’re always here to help!

I've heard that a trust can hold much more money than a bank account, however where in the world is al the money held if not in a bank? what are the rules for getting to hundreds of millions of dollars at any time if I have that much in a trust? where can I go to find out all the 100% accurate details of a trust? like a website. hoiw do i know if the site and or people I'm talking to are legit or not?

Zota X, I would recommend you give Jim a call at (718) 704-0900 and having a conversation with him. The call is free and probably a better vehicle for him to answer your questions in more detail.

ok thx

The benefit to the original owner is that the owner has allocated this pool of money to those persons they want to benefit from it. It is money that the original owners’ creditors (like a nursing home) will never be able to attach. Obviously, you have to be pretty well off to do this.

Dee Miller it would have to be a revocable trust!

Brooklyn, NY

Ronbo Nick This is a tough one to answer. It depends on a few variables: (1) The attorney that you hire can charge whatever he or she wants in order to do the work. I’ve seen attorneys charge $1,000 for a basic trust and I’ve seen the same thing cost $2,500. (2) The complexity of the trust. (3) How much work is involved to retitle assets, loan originations, asset swaps, gifting, 709 Forms, Crummey Powers, etc. (4) The value of the assets involved, do you have an estate tax concern at the state or federal level. There are many other factors but these are the big ones. Where do you live? What state? Please do not provide your address!

I live in TN , No tax issues . I just want to secure my Home, Car , tools etc . No money to worry about. I live day by day . But with a sue happy world I just want to secure what I have..

Ronbo Nick I think you’re probably looking for a revocable trust, something to provide some privacy, still allow you to do what you wish with the assets, but it will offer very little in the way of creditor protection or sue-happy people. If you chase the benefits of an irrevocable trust, which would provide some asset protection against creditors and lawsuits, however, I strongly believe that the restrictions on control of the asset are not worth the benefits of protection. I’m basing this off what you’re telling me about your situation, but the best thing to do is call a few local attorneys that will give you a free consultation, and discuss in depth your assets, your objectives, your concerns, etc. A local attorney is best because he or she will explicitly know the state and local laws, the necessary language to place inside the trust, as well as the applicable statutes for any given strategy. I hope this helps.

thank You !!!!

UK is just sucks at all to be frankly...avoid that country

Absolutely